Soybeans Edge Higher Friday; November Contract Still Down 4¾ Cents on the Week

Soybean futures closed higher Friday, with contracts up 1½ to 5¼ cents across the board, though the November contract finished the week down 4¾ cents. The cmdtyView national average cash bean price rose 3¾ cents to $11.99¼. Soymeal futures were mixed, ranging from $1.20 lower to $1.60 higher, with December down $11 on the week. Soy oil futures gained 17 to 51 points Friday, while December slipped 30 points weekly. The weekly CFTC report showed speculators net long 206,936 soybean contracts as of October 20, a reduction of 30,555 during the week. Managed money held a 204,693-contract net long in soybean meal, just under 3,000 contracts off late September's record. No export sales were announced Friday, but 1.488 MMT were reported during the week. Accumulated sales stand at 26.2 MMT, 81% above year-ago levels and 57% of the USDA projection, ahead of the 48% average pace.